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Cryptocurrency News Articles
Lessons from History: The Shift to Consumer Crypto
Oct 02, 2024 at 10:06 pm
Fomenko drew parallels between consumer crypto and historical shifts in other industries. “Take the example of railroads in the 19th century. In the UK, over 280 railway companies existed, only to collapse into a handful as overinvestment and overbuilding took their toll.
As crypto transitions from a period of overbuilding infrastructure - with over a thousand chains now in existence - to a consumer-driven era, it is reaching a pivotal point. The next phase will require building applications that appeal to billions of users, much like how the internet went from niche technology to a global necessity.
But what exactly will drive consumer crypto adoption? At The Coin Republic panel, Sweat Economy founder Oleg Fomenko outlined three key issues.
1. Mobility is Key
Consumer crypto must go mobile. It’s not enough to have websites that are mobile-friendly. Crypto applications need to be mobile-native, catering to the billions of users around the world who prefer apps over traditional web experiences. Just as smartphones have become the primary gateway to digital services, mobile-first design will be crucial for the adoption of crypto by mainstream users.
2. Improved User Interface and Experience
The complexity of current crypto products remains a significant barrier to entry. New users often struggle with tasks like managing seed phrases - the set of 24 words required to secure a crypto wallet. This is a far cry from the user-friendly interfaces of Web2 applications, and it’s clear that crypto needs to simplify the onboarding process to attract the next billion users. The UI must evolve beyond the needs of crypto natives and cater to average users, making transactions and wallet management as intuitive as checking a bank balance or sending a text message. In addition, we need to remove all the complexity surrounding cross-chain operations. The future consumer crypto world is chainless and in few years time people will not care what chain is used to keep or transfer their assets as long as it is secure, fast and cheap.
3. Accessibility for All
In addition to improving mobility and UX, consumer crypto must become more accessible. This means shifting the focus from metrics like Total Value Locked (TVL), a measure of the assets locked in a protocol, to active users. Crypto projects often optimize for TVL by targeting a small group of large investors, or “whales,” rather than building for mass adoption. The next generation of crypto applications needs to appeal to the broader public, with accessible features and a focus on daily engagement rather than chasing big-ticket transactions.
A fourth consideration was also raised at The Coin Republic panel by fellow speaker Lisa Loud, executive director of Secret Network Foundation, is confidentiality.
“We need to address the lack of understanding - in both Web2 and Web3 - about this idea of the lack of confidentiality in blockchain. The original intent for Bitcoin was it would be anonymous and there is a whole section in the white paper detailing how no one would know your address. However, the reality is different because your address can be exposed, through connections onramp or off ramp with Fiat,” said Loud.
“Once that connection is known then all the other activity is easily traceable since nothing is actually hidden or encrypted. As a result, people think Web3 is anonymous but it’s not.
“We want our new AI world to be decentralized and permissionless - but we also need it to be confidential. This is crucial for the next phase of blockchain adoption,” she said.
Building on Ownership: The New Paradigm of Web3
“Web3, in essence, is about ownership,” says Fomenko. “In the era of Web1, the internet was about reading, while Web2 was about writing and sharing content. Web3 is about ownership, giving users control over their data, assets, and digital identity. Consumer crypto products, therefore, will focus on ownership-based use cases like digital wallets, assets, and data,” he says.
Data ownership could emerge as a major driver of value in consumer crypto. Increasingly there is a rise in data unions, where individuals have more control and even monetize their data, a significant departure from the current model where tech giants like Google and Facebook dominate. The intersection of crypto and ownership could give rise to entirely new business models around personal data and digital assets.
The potential for innovation in consumer crypto is vast. Using the Sweat Economy, Fomenko aims to tokenize physical activity and drive mass-adoption of web3. With 17 million $SWEAT holders and nearly 3 million active users on Sweat Wallet, Sweat Economy is leading the shift to Consumer Crypto.
“We are on the cusp of seeing new asset classes and use cases that go beyond the obvious. Projects that make crypto seamless and part of everyday life will lead the charge. This may include making transactions ‘chainless’ so users don’t have to worry about which blockchain they are operating on. Instead, they can focus on their assets, much like we use apps today without concern for the underlying servers or platforms,” he says.
Ultimately, the shift to consumer crypto will require innovation at every level— from the technology that powers these products to the ways users interact with them. Those who succeed will be the ones who, like in the past, make the leap from building infrastructure to building services that billions of people find
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